http://www.american-apartment-owners-association.org/blog/2009/07/02/alternatives-to-traditional-financing/ Real Estate News, Landlord Help, and Apartment Information Thu, 19 Nov 2009 18:45:35 -0800 http://wordpress.org/?v=2.8 hourly 1 http://www.american-apartment-owners-association.org/blog/2009/07/02/alternatives-to-traditional-financing/comment-page-1/#comment-19247 charles hennebeul Fri, 03 Jul 2009 13:36:20 +0000 http://www.american-apartment-owners-association.org/blog/2009/07/02/alternatives-to-traditional-financing/#comment-19247 Unfortunately in NY, Part 41 has left most homewoners unable to use a hard money loan to get themselves out of a mess. Politicians who before the Mortgage Market Crash of 2007 were accepting lobby money put into law Part 41. All Part 41 really did was put the consumer att he mercy of the bank after the consumer went into foreclosure. Short sales and loan mods are an alternative but this usually leaves the credit ruined with that bank and in many cases on the credit report. The hard money loan if done properly would allow the NY homeowner to pay off the exisintg bank and not have to go past 90 days late. The only bad thing about hard money is you have to find out who the hardest of the hard money lenders are and stay away from them. In other words look for the best deal. I am on the commercial side of lending but started out in residenital way before this crisis ..when you neded 20% down for a no doc and needed a 680 Fico score!!! Charles NY Unfortunately in NY, Part 41 has left most homewoners unable to use a hard money loan to get themselves out of a mess. Politicians who before the Mortgage Market Crash of 2007 were accepting lobby money put into law Part 41. All Part 41 really did was put the consumer att he mercy of the bank after the consumer went into foreclosure.
Short sales and loan mods are an alternative but this usually leaves the credit ruined with that bank and in many cases on the credit report. The hard money loan if done properly would allow the NY homeowner to pay off the exisintg bank and not have to go past 90 days late.
The only bad thing about hard money is you have to find out who the hardest of the hard money lenders are and stay away from them. In other words look for the best deal.
I am on the commercial side of lending but started out in residenital way before this crisis ..when you neded 20% down for a no doc and needed a 680 Fico score!!!
Charles
NY

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